Before you jump into running your own online business empire you should conduct some sort of planning first!

Why Do a Business Plan?

Uses and Benefits of a Business Plan

A business plan is often prepared when:

  • Starting a new organization, business venture, or product (service) or
  • Expanding, acquiring or improving any of the above.

There are numerous benefits of doing a business plan, including:

  • To identify an problems in your plans before you implement those plans.
  • To get the commitment and participation of those who will implement the plans, which leads to better results.
  • To establish a roadmap to compare results as the venture proceeds from paper to reality.
  • To achieve greater profitability in your organization, products and services — all with less work.
  • To obtain financing from investors and funders.
  • To minimize your risk of failure.
  • To update your plans and operations in a changing world.
  • To clarify and synchronize your goals and strategies.

For these reasons, the planning process often is as useful as the business plan document itself.

This tip is by Carter McNamara and Rolfe Larson who write at ManagementHelp.Org – a free library of business planning knowledge.


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